European Director General for Energy Confirmed as Key Note Speaker at European Gas Markets Summit

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EyeforEnergy the leading events co-coordinator and business intelligence provider for the Oil and Gas industries are pleased to confirm Philip Lowe Director General for Energy, European Commission as Keynote speaker at the European Gas markets summit.

the greatest challenge of all will be to navigate successfully the multiple uncertainties that the industry faces - confronting the challenges while maximising the opportunities

(PRWEB)November 18, 2010

EyeForEnergy have announced that Philip Lowe Director General for Energy, European Commission is confirmed as a keynote speaker at their European Gas Markets Summit taking place February 15-16, 2011 in London. The agenda is aimed at addressing the full matrix of challenges driving change in European Gas Market Dynamics.

Philip Lowe Director General for Energy is confirmed as a key note speaker at the European Gas Markets Summit where he will address the question of whether the Third Energy Package will succeed where previous directives and regulations have failed? A pertinent question given the looming deadline to transpose the package into national law on March 3rd 2011. Not surprisingly, Europe's big gas companies have been busy preparing for what will be a much tougher regulatory regime.

Even if that were all that Europe's gas industry had to contend with, the going would be tough. But market liberalisation and competition are not the EU's only energy priorities. Security of energy supply has been a major concern ever since the energy crises of the 1970s. This concern was ramped up at the start of 2009 when yet another dispute between Russia and Ukraine led to unprecedented interruption in Russian gas supply to Europe.

The European Union also sees itself as a world leader in efforts to mitigate climate change by reducing greenhouse gas emissions. That too has major implications for energy policy in general, and natural gas policy in particular. Whether this will reduce demand for gas or increase it will depend on specific policy measures, and is likely to vary from one member state to another.

The uncertainties that these developments have generated have been multiplied by other evolving trends. The global recession that began in 2008 has had a major impact on gas market dynamics around the world. Gas demand in Europe plummeted in 2009 and it remains to be seen how quickly it will recover. The shale gas revolution in the US has unexpectedly pushed the nation to the top of the gas producers' league – and pushed LNG targeted at the US into other markets, especially Europe.

Meanwhile, a new wave of LNG from projects sanctioned during 2003-2005 has contributed to the global gas glut. This glut has put immense pressure on one of the very foundations of the gas industry – the traditional long-term, oil-indexed, take-or-pay gas sales contract.

Clearly, the seismic changes under way in the gas industry are creating challenges – but change almost always creates the potential for new opportunity. For Europe's gas industry, these are demanding but also interesting times. The greatest challenge of all will be to navigate successfully the multiple uncertainties that the industry faces: confronting the challenges while maximising the opportunities.

Philip Lowe, Director General for Energy at the European Commission will present at the European Gas Markets Summit February 15-16 2011, where over 180 senior level decision makers from across Europe's Gas Industry will meet.